Taxes have always been among the most difficult things to handle regardless of whether you’re running your own business or not. Even more so if you do not have any experience in finance or accounting. Tax-related issues can be overwhelming, particularly when your whole day is full of things to be done. In the event that you do not have the funds to engage an accountant performing the task on your own can be dangerous. If you overlook one thing, you might have to redo things again!
Most people want to skipping this step. But , as it’s a requirement and mandatory, there’s no other choice.
So , what is the best way to deal with it?
It is always possible to simplify our lives with tools such as TaxJar.
We’ll look at this life-saving device and how it can assist you. Even though this is a long read but you’ll be able to determine if TaxJar is exactly what you need in the present.
Prefer watching videos rather than watch them? Watch this video – by Marcus Stonelius on YouTube they also do a full analysis of TaxJar’s features.
If you prefer to read, we’ll dive right into.
What exactly is TaxJar? TaxJar Calcuation Is Wrong
Founded in 2013, TaxJar is an online platform that assists you in automating your reporting, filings and sales tax calculation. It is a solution for your entire sales tax life cycle. Furthermore, you can utilize it across all of your sales channels to ensure that you are in compliance with sales tax requirements. It simplifies the processes that require days to complete and is completed in just a few only a few minutes.
TaxJar is used in a variety of industries, including food and beverage businesses, SaaS, retail, services, and even medical institutions.
How can it help you?
TaxJar is widely used by business owners who run online businesses to ensure that everything is simple and organized. Let’s take a look at the benefits and features of TaxJar.
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Services and features
Integration
One of the most important things you’ll need to make sure is your tax-reporting system seamlessly works well in conjunction with the sales channels you use. If you’re selling through multiple channels, you need to keep everything in place. The most important thing is not to be penalized for missing a single minor point.
TaxJar allows you to show your most important metrics in one place. So, there’s no need to collect data in multiple channels and then organize it on one platform. All you need to do is integrate TaxJar and the platform will handle the rest.
Other than that, TaxJar also integrates with other platforms that help with payments. Here’s a list highlighting the platforms that they can connect with:
Filing
TaxJar allows clients to file their sales taxes by hand or using the AutoFile feature. For our review we’ll look into both.
If you decide to manually file your tax returns, TaxJar will allow you to connect those sales tools. When the time is right for filing income tax returns TaxJar will train you on how to handle the tax returns. However, it will be up to you and your staff to complete the process in time. TaxJar is only there to provide guidance on what you should do but not handle it.
If you prefer an Auto file, TaxJar will do the filling for you. This means that you won’t need to fill out all forms by hand. With this feature, everything will be automated from calculating taxes on sales through recording, and then processing them. However, there might be extra fees if not included in the plan you choose.
Sales Tax Reports
As we mentioned it is possible to use TaxJar to ease your accounting issues. All orders made through your e-commerce channels can be combined into a single dashboard through this platform. Once you’re on the platform you and your staff will have access to everything you need, such as the list of transactions, reports, and information.
The most appealing aspect of this option is the fact that they allow you to automatically update every day. Not only can they help you keep track of how much you’ve accumulated and how much you’ve earned, but they also let you determine when your next payments are due.
Their dashboard also allows users to view in detail the overall sales taxes for your business. You can also export the information as a CSV file in case you require it to aid in accounting and financial planning processes or if your team needs it to run centralized reports.
Training and Streamlining
TaxJar helps you organize and keep track of all of the channels you sell through. That means you won’t have to search for your documents when you’re when you’re in a pinch. Even when you already have your accounting firm, the feature will aid them in being more efficient.
Additionally, knowing the figures for the sales tax you pay in advance will help you plan your funds better. You’ll know better how much budget you have for other operational expenses.
But what’s even better is that TaxJar offers tutorials and training and tutorials, not just on their platform, but all things connected to sales tax. Check out their guides, webinars, and blog for more information. Apart from that their sales tax calculator should be helpful if you’re planning on take on the entire task yourself.
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How much does TaxJar cost?
We understand how important it is to set your budget. Some platforms offer superb features, but they can be too expensive for businesses. That’s why for this section, we’ll look into TaxJar’s pricing structures and what each of those choices can provide you. At present, TaxJar offers three plans: Starter, Professional, and Premium.
Starter
The Starter plan starts at $19. They claim that it’s the most suitable plan for you to help you in filing and reporting. It comes with the tax on sales, 4 autofiles for free each year, and an CSV import. With the starter plan, you can access their AI tax advice.
If you’re a small company proprietor, then this program should be perfect for you. It may not offer all of TaxJar’s features however, it does include all the basics you require.
In addition, you can reach their support team with their support chart for email. You’ll also have access to their integration tools.
Professional
If you’re looking for a bit more than just the standard features and options, then the Professional plan might be the right one for you. It starts at $99, however, it could go up when you add additional features.
So how different is it from the basic plan?
In addition to having access to all of the Starter plan’s features, you also get access to their support via phone, API access, and advanced CSV import. You can also receive 12 free AutoFiles every year.
Premium
If you run a large company, you may need to opt for the Premium plan instead. It comes with all the features needed to aid in your tax preparation. Moreover, they allow unlimited integrations with data imports, API integrations, team users as well as AutoFiles.
They also have a team who are devoted for managing the account. However, they don’t disclose the amount that the Premium plan will cost you. TaxJar Calcuation Is Wrong
But they did state that this plan is tailor-fit for each user. The cost of the plan will be different depending on what you need for your company.
Free Trial
It’s a good thing that you don’t have to gamble your money just to find out if the platform is right for you. If you’re still considering various options, they provide a 30-day free trial. It should give you enough time to see if the platform is the right choice for you.
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Pros and Pros and
We’ve covered everything you must know about TaxJar let’s take a breather. In order to sum up the whole thing Here are the advantages and disadvantages of making use of TaxJar to run your business.
Pros
- Does the plan include a Tax Advisor option for some plans
- AutoFile features can help you save time
- Available in most USA states
- Provides Taxes on sales online calculator.
- Support service team
- The dashboard is simple to navigate
- The company offers a 30-day trial for free.
- It is possible to integrate it with other platforms
- It allows you to monitor multiple sales channels
Cons
- AutoFile limit is based on the plan
- AutoFile has extra fees
- Certain countries will not have access to the API feature.
- Only applicable for USA customers.
- It is important for owners and accountants to review local laws
The Final Verdict
With everything laid out, TaxJar can be a great platform companies that have many sales channels and utilizes numerous platforms. If that’s what you do, then you ought to try this.
Not only will it assist you in keeping track of your revenue and products, but it can also help you meet your deadlines. This is also an excellent opportunity for accountants since they provide tax Advisor program. There are tips to follow and learn from their sessions about taxes through it.
Utilizing TaxJar can help you save more time while keeping on top of each deadline and requirement you have to meet. If you’re living in a region with a lot of tax laws, this will surely help you wrap your head around it. TaxJar Calcuation Is Wrong
If handling your taxes is straightforward, then TaxJar might not be a good investment. If you have only one or two channels of sales, TaxJar won’t be needed to track everything. In addition, if you find the entire procedure easy to complete and you’re comfortable with it, you may be better in doing it all by yourself.
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FAQ TaxJar Calcuation Is Wrong
What are the areas in which TaxJar offer API support?
TaxJar is currently assisting countries such as Australia, the United States, the EU, Australia, and Canada.
Can I incorporate Shopify into TaxJar?
Yes. You can connect your Shopify account to TaxJar to facilitate monitoring and updates.
Can I convert any type of currency using TaxJar?
Unfortunately, no. TaxJar doesn’t convert currencies. All of the transaction amounts are n USdollars. If you’re using a different currency, you’ll have to convert it into USUSD before TaxJar determines the tax.
